1.5 The role of an entrepreneur

Question 1

What is an entrepreneur?

Answer 1

Someone who spots an opportunity, shows initiative and willingness to take risks for the potential rewards

Question 2

What is the acronym to help remember the roles of an entrepreneur

Answer 2

CRI

Question 3

What does the C stand for the acronym for roles of an entrepreneur?

Answer 3

Creating and Setting up a busiess

Question 4

What is part of C?

Answer 4

Generating an idea

Asking if the idea can add value

Conducting market research

Deciding on legal structure

Raising finance

Starting the business

Question 5

What is part of R?

Answer 5

Employing (more) Staff

Use services of experts

Delegate responsibility

Question 6

What is part of I?

Answer 6

Innovation, making sure that your business stays alive and moving forwards

Question 7

What is intrapreneurship?

Answer 7

Employees within a business who have the freedom and opportunity to develop their ideas and use their creativity to innovate

Question 8

Give an example of intrapreneurship:

Answer 8

Google’s gmail and their increased storage

Question 9

Why is innovation important?

Answer 9

Adapting to trends

Remain competitive

Growing/ Maintaining your market share